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Ark. Code Ann. § 4-29-302

Definitions

Acts 1961, No. 179, § 1; A.S.A. 1947, § 64-1701; Acts 1997, No. 306, § 2; 2013, No. 135, § 1.

As used in this subchapter:

(1) “Beneficial owner” means an individual who is the grantor and sole trustee of a revocable living trust wherein the individual reserves the unrestricted right to revoke the trust;

(2) “Foreign medical corporation” means a corporation: Organized under laws other than the laws of this state; and

(3) In which all officers, directors, and shareholders of the corporation are licensed to practice medicine in the state of incorporation;

(4) “Professional service” means any type of professional service that may be legally performed only pursuant to a license or other legal personal authorization, for example: the personal service rendered by certified public accountants, architects, engineers, dentists, doctors, and attorneys at law; and

(5) “Shareholder” means either: The person in whose name shares are registered in the records of a corporation; or

(6) The beneficial owner of shares of a revocable living trust where the shares are registered in the records of the corporation in the names of the revocable living trust.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.